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edwarddallesandr
New Member

Can I deduct financial gifts to my children?

 
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‎February 19, 2020 4:09 PM
last updated ‎February 19, 2020 4:09 PM
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3 Replies
linear
Level 7

Can I deduct financial gifts to my children?

No, gifts to your children are not deductible.

‎February 19, 2020 4:17 PM
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edwarddallesandr
New Member

Can I deduct financial gifts to my children?

When I said children I meant grow adults on their on.

I plan on giving them funds from my retirement account.

Would this be deductible from my Income Tax.

‎February 24, 2020 1:29 PM
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xmasbaby0
Level 15
Level 15

Can I deduct financial gifts to my children?

Sorry. No. Gifts to individuals are not deductible. 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
‎February 24, 2020 1:35 PM
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